(Greenwich Merchant Bank): Investors buying interest overshadowed the equity market as the All Share Index and Market Capitalisation increased by 0.60% to settle at 44,929.33 points and NGN 24.47 trillion respectively.
This was linked to the rise in prices of MTNN (1.52%), ZENITHBANK (1.84%), STANBIC (0.49%), GTCO (4.62%) and NGXGROUP (1.29%), hence settling the year to date at 5.18%.
On another note, market activities was mixed as volume fell by 14.78% to end the day at 126.08 million units and value traded improved significantly by 126.31% to close at NGN3.85 billion respectively. ZENITHBANK recorded the highest volume with 13.55 million units whereas, MTNN emerged with the most value traded with NGN2.40 billion.
Once again, market sentiment was bullish with twenty-five (25) gainers and seven (7) losers putting the market breadth at 3.57x. It was a green day at the sectoral front as all sectors closed positive.
Explicitly, the Banking sector (1.10%) had the highest gain, followed by Consumer Goods (0.86%), Industrial Goods (0.33%), Oil & Gas (0.19%) and Insurance sector (0.18%).
Fixed Income Market
Market participants sold instruments at the short end of the curve at the Bond market which pushed yields higher to average 14.62% (+4bps Day on Day).
OMO market and Nigerian Treasury bills market closed flat as average yield settled as the same figure as yesterday. Although investors took interest in some instruments, this wasn`t able to sway the performance of the market as average yield remained at 10.98% at the Nigerian Treasury bills market and 10.81% at the OMO market.
System liquidity improved slightly from (NGN226.50billion) to (NGN165.27billion). Contrary, the Open Buy-back and Overnight rate also increased to 17.13% and 17.25%, seizing its four day consecutive figure of 16.25% and 16.50% apiece.
The Naira weakened both at the Investors’ and Exporters’ Window (I&EW) and at the CBN Official Spot rate as rate increased by NGN0.12/USD and
NGN0.11/USD to close the day at NGN445.50/USD and NGN443.63/USD respectively.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.